The group’s results for the third quarter of 2022 showed that the group achieved revenues of 284 million dirhams (77.3 million dollars) and a gross profit margin of 138.7 million dirhams (38 million dollars).
The group’s subsidiaries achieved sustained growth in the third quarter, with a 67 percent year-on-year growth in revenue and profitability.
While investment income and other sources amounted to 9.25 billion dirhams (about 2.5 billion dollars), supported by the strong performance of both the group’s portfolio and the local stock markets.
Main Investments
The Multiplay Group said in a statement that it has strengthened its investments in the energy and utility services sector with two strategic investments during the third quarter of 2022.
According to the statement, the group acquired a 7.3% stake in the Abu Dhabi National Energy Company “TAQA” at a value of 10 billion dirhams ($ 2.7 billion).
It is noteworthy that “TAQA” is one of the largest listed integrated utilities companies in the financial markets in Europe, the Middle East and Africa, with its activities and business spanning 11 countries on four continents.
It also has significant investments in power and water generation, transmission and distribution assets, in addition to its ambitious growth plans in the renewable energy sector. TAQA is one of the major companies supporting the Climate Neutral 2050 Strategic Initiative in the UAE.
Also, Multiplay Group acquired an 80 percent stake in International Energy Holding, which recently acquired a 50 percent stake in the Turkish company Kalyon Energy, which operates in the clean and renewable energy market in Turkey.
Kalyon Energy’s assets include a photovoltaic power plant project with an installed capacity of 1.3 GW in the Karabinar district of Konya, as well as other renewable energy projects in various cities of Turkey.
These investments form part of the group’s endeavor to grow its investments in all its sectors, and reflect the group’s vision that investing in utility and energy services provides predictable recurring revenue, as well as strong growth potential as the world shifts to clean and renewable energy.
It is noteworthy that the “Multiplay Group” seeks scalable acquisitions, with the potential for sustainable growth and expansion, and a focus on well-established and leading institutions in its various sectors.
The Group has strong potential for the future thanks to its moderate leverage and liquidity of assets, which will allow it to move forward with the implementation of the transformational cash-generating business investment strategy it understands.
The group’s investments span many sectors, including Emirates Driving Company, Pal Cooling Holdings, Omorphia Group, Viola Communications, HealthU, International Energy Holdings, TAQA, Dewa, Borouge, Getty Images, Savage X Fenty, Firefly and Yildmo.
A major shareholder of the Multiplay Group is the International Holding Company (IHC), which is one of the fastest growing and most valuable companies in the UAE.
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